Hercules Technology Growth Capital announced that Robert Lake has joined the Company as chief credit officer. Lake will report directly to Manuel A. Henriquez, chairman and chief executive officer of Hercules.
As chief credit officer, Lake will be responsible for overseeing the company's lending policies and risk management practices related to its loan and investment portfolio. His primary responsibility will be monitoring the credit performance of the overall portfolio and handling credit restructuring and work-out situations when necessary, as well as assisting in the structuring and ensuring new investments conform to credit underwriting guidelines. Lake will also serve as a member of the Company's investment committee overseeing approval of new and existing investment opportunities.
"As we work towards reaching our potential portfolio growth goal of $1.3 to $1.5 billion, representing 30% to 50% growth over 2014, we also continue to work diligently in expanding and enhancing our senior executive team," stated Manuel Henriquez, chairman and chief executive officer of Hercules. "I am excited to have an executive of Robert's caliber joining our leadership team. We believe his extensive financial services and life sciences experience, robust network, and impressive credit track record represent our core tenets of underwriting. We expect Robert's addition to our organization to further help us achieve our growth targets. Robert will play a key role in strengthening and further expanding our industry-leading credit discipline as we continue to grow and address the needs of our innovative venture capital-backed growth companies and their venture partners."
Lake brings more than 18 years of commercial lending experience providing senior secured debt to technology, life sciences, and energy & renewable technology companies. Most recently, he served as executive director of Oxford Finance, LLC, a privately-held financial services company that provides capital exclusively to life sciences and healthcare services companies worldwide. During his eight year tenure at Oxford, Lake was responsible for overseeing the credit and portfolio management for the western territory of the United States and directed the underwriting and funding of over $1 billion of new loans while maintaining a low loan loss ratio. Prior to Oxford, he spent three years as vice president at Silicon Valley Bank, where he was responsible for managing and developing a portfolio of loans to early and late stage technology and life sciences companies in the San Diego, California region. Before joining Silicon Valley Bank, Lake held various business development, credit and portfolio management roles with Fifth Third Bancorp and FINOVA Capital Corporation. Lake received his Bachelor of Arts in Business Administration from Aurora University.
Hercules Technology Growth Capital, Inc. is a leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related industries, including technology, biotechnology, life sciences, and energy & renewable technology, at all stages of development. Since inception (December 2003), Hercules has committed more than $5.2 billion to over 320 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.